Life Insurance
Module Units
- 1. Introduction
- 2. Why Is Life Insurance Necessary?
- 3. Who Needs Life Insurance?
- 4. Definition Of Risk
- 5. Classification Of Risk
- 6. Insurable Risk
- 7. Features Of Life Insurance Contracts
- 8. Life Insurance –Required Cover
- 9. What Should Be The Duration Of Your Policy?
- 10. How Much Cover Is Needed?
- 11. Life Insurance Plans & Riders
- 12. Term Plan
- 13. Whole Life Insurance
- 14. Endowment Life Insurance
- 15. Money Back Policy
- 16. Children’s Policy
- 17. Pension And Annuities
- 18. Need For Pension And Annuities
- 19. Unit-Linked Insurance Plans (ULIPs)
- 20. Types Of Unit-Linked Insurance Plans (ULIPs)
- 21. Charges, Fees And Deductions In ULIP
- 22. How Much Of The Premium Is Used To Purchase Units Of ULIP?
- 23. Pradhan Mantri Jyoti Bima Yojna (PMJJBY)
- 24. What Is A Rider?
- 25. Insurance Regulatory And Development Authority Of India (IRDAI)
- 26. Policyholders Interest Regulations, 2002
- 27. Rules Regarding Policyholders’ Servicing
- 28. Grievance Redressal Mechanism
- 29. Must Know Concept And Terms Part 1
- 30. Must Know Concept And Terms Part 2
- 31. Practical Matters
- 32. Accumulation / Payout Stage
- 33. When Should You Exit A Life Insurance Policy You Don’t Need Anymore?
- 34. When You Should Hold On To The Policy?
- 35. Conclusion
Grievance Redressal Mechanism
What grievance redressal mechanism is available to life insurance policy holders?
The Consumer Affairs Department of the Insurance Regulatory and Development Authority of India (IRDAI) has introduced the Integrated Grievance Management System (IGMS) which is an online system for registration and tracking of grievances. You must register your grievance first with the insurance company
In case you are not satisfied with its disposal by the company, you may escalate it to IRDAI through IGMS by accessing: https://www.irdai.gov.in/
In case you are not able to access the insurer’s grievance system directly, IGMS also provides you a gateway to register your grievance with the insurer.
Apart from registering your grievance through IGMS website, you have other channels for grievance registration - through e-mail to Consumer Affairs Department, IRDAI or simply call IRDAI Call Centre at Toll Free 155255 through which IRDAI shall, free of cost, register your complaints against insurance companies as well as help track its status.
The Call Centre assists by filling up the complaints form on the basis of the call. Wherever required, it will facilitate the filing of complaints directly with the insurance companies as the first port of call by giving information relating to the address, telephone number, website details, contact number, e-mail id etc of the insurance company.
When a complaint is registered with IRDAI, it facilitates resolution by taking it up with the insurance company. The company is given 15 days time to resolve the complaint. If required, IRDAI carries out investigations and enquiries. Further, wherever applicable, IRDAI advises the complainant to approach the Insurance Ombudsman in terms of the Redressal of Public Grievances Rules, 1998
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